A surety bond is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.


This is not insurance. Should the surety company have to pay the obligee on behalf of the principal, the principal will have to reimburse the surety company.


This is why the surety company requires financials, tax returns, and even resumes from the principal before accepting the risk.


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Did you know? You can get coverage even if you have experienced losses